US National Debt Increased a Trillion Last 12 Months

[zolace]

The idea that the Obama administration has the budget deficit under control is a complete and total lie.  According to the U.S. Treasury, the federal government has officially run a deficit of 589 billion dollars for the first 11 months of fiscal year 2014.  But this number is just for public consumption and it relies on accounting tricks which massively understate how much debt is actually being accumulated.  If you want to know what the real budget deficit is, all you have to do is go to a U.S. Treasury website which calculates the U.S. national debt to the penny.  On September 30th, 2013 the U.S. national debt was sitting at $16,738,183,526,697.32.  As I write this, the U.S. national debt is sitting at $17,742,108,970,073.37.  That means that the U.S. national debt has actually grown by more than a trillion dollars in less than 12 months.  We continue to wildly run up debt as if there is no tomorrow, and by doing so we are destroying the future of this nation.
Essentially, our current system has been dying a very slow death. It’s running out of steam.

http://theeconomiccollapseblog.com/archives/the-u-s-national-debt-has-grown-by-more-than-a-trillion-dollars-in-the-last-12-months

[1714911101]

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[instacalm]

Was foreseeable, wasn't it? It's gradually approaching the bubble's burst

[RoadTrain]

US Domestic Private and Foreign Sectors' Net Assets Increased a Trillion Last 12 Months

We are certainly destroying the future of this nation.

[Skrillex]

USD is doomed and BTC is headed to success, basic math.

[sana8410]

...and yet...
$2.46T: Tax Revenues for FY14 Hit Record Through July--Gov't Runs $460B Deficit
http://www.cnsnews.com/news/article/ali-meyer/246t-tax-revenues-fy14-hit-record-through-july-govt-runs-460b-deficit

yep, lets continue to encourage business to do business elsewhere...sounds like a brilliant progressive plan.

US Ranks 32 in Business Index – Tax Burden Worst in Industrialized World

http://taxfoundation.org/blog/us-has-highest-corporate-income-tax-rate-oecd

The US tax burden is close to the worst in the world.
Democrats want to change that and make it even worse.
The Wall Street Journal reported:

    Any day now the White House and Sen. Charles Schumer (D., N.Y.) will attempt to raise taxes on business, while making the U.S. tax code even more complex. The Obama and Schumer plans to punish businesses for moving their legal domicile overseas will arrive even as a new international ranking shows that the U.S. tax burden on business is close to the worst in the industrialized world. Way to go, Washington.

    On Monday the Tax Foundation, which manages the widely followed State Business Tax Climate Index, will launch a new global benchmark, the International Tax Competitiveness Index. According to the foundation, the new index measures “the extent to which a country’s tax system adheres to two important principles of tax policy: competitiveness and neutrality.”

    A competitive tax code is one that limits the taxation of businesses and investment. Since capital is mobile and businesses can choose where to invest, tax rates that are too high “drive investment elsewhere, leading to slower economic growth,” as the Tax Foundation puts it.

    By neutrality the foundation means “a tax code that seeks to raise the most revenue with the fewest economic distortions. This means that it doesn’t favor consumption over saving, as happens with capital gains and dividends taxes, estate taxes, and high progressive income taxes. This also means no targeted tax breaks for businesses for specific business activities.” Crony capitalism that rewards the likes of green energy with lower tax bills while imposing higher bills on other firms is political arbitrage that misallocates capital and reduces economic growth.

    The index takes into account more than 40 tax policy variables. And the inaugural ranking puts the U.S. at 32nd out of 34 industrialized countries in the Organization for Economic Co-operation and Development (OECD).

    With the developed world’s highest corporate tax rate at over 39% including state levies, plus a rare demand that money earned overseas should be taxed as if it were earned domestically, the U.S. is almost in a class by itself. It ranks just behind Spain and Italy, of all economic humiliations. America did beat Portugal and France, which is currently run by an avowed socialist.

[instacalm]

USD is doomed and BTC Asian currencies are headed to success, basic math.

fixed

[zorke]

The idea that the Obama administration has the budget deficit under control is a complete and total lie.  According to the U.S. Treasury, the federal government has officially run a deficit of 589 billion dollars for the first 11 months of fiscal year 2014.  But this number is just for public consumption and it relies on accounting tricks which massively understate how much debt is actually being accumulated.  If you want to know what the real budget deficit is, all you have to do is go to a U.S. Treasury website which calculates the U.S. national debt to the penny.  On September 30th, 2013 the U.S. national debt was sitting at $16,738,183,526,697.32.  As I write this, the U.S. national debt is sitting at $17,742,108,970,073.37.  That means that the U.S. national debt has actually grown by more than a trillion dollars in less than 12 months.  We continue to wildly run up debt as if there is no tomorrow, and by doing so we are destroying the future of this nation.
Essentially, our current system has been dying a very slow death. It’s running out of steam.

http://theeconomiccollapseblog.com/archives/the-u-s-national-debt-has-grown-by-more-than-a-trillion-dollars-in-the-last-12-months

You forget the fact that this time last year the government was up against a ceiling for it's national debt. As a result the government needed to resort to accounting tricks to prevent itself from going over it's "credit limit". Because of this the national debt level was likely artificially low this time last year. When the debt ceiling was raised the amount of the national debt was raised to actual levels.

[TheLoser]

Maybe they are building a starship?

[ivanovasmd]

Maybe they are building a starship?

If you could stack all the debt in fiat money you would travel further than with a starship.

[Eisenhower34]

The idea that the Obama administration has the budget deficit under control is a complete and total lie.  According to the U.S. Treasury, the federal government has officially run a deficit of 589 billion dollars for the first 11 months of fiscal year 2014.  But this number is just for public consumption and it relies on accounting tricks which massively understate how much debt is actually being accumulated.  If you want to know what the real budget deficit is, all you have to do is go to a U.S. Treasury website which calculates the U.S. national debt to the penny.  On September 30th, 2013 the U.S. national debt was sitting at $16,738,183,526,697.32.  As I write this, the U.S. national debt is sitting at $17,742,108,970,073.37.  That means that the U.S. national debt has actually grown by more than a trillion dollars in less than 12 months.  We continue to wildly run up debt as if there is no tomorrow, and by doing so we are destroying the future of this nation.
Essentially, our current system has been dying a very slow death. It’s running out of steam.

http://theeconomiccollapseblog.com/archives/the-u-s-national-debt-has-grown-by-more-than-a-trillion-dollars-in-the-last-12-months

You forget the fact that this time last year the government was up against a ceiling for it's national debt. As a result the government needed to resort to accounting tricks to prevent itself from going over it's "credit limit". Because of this the national debt level was likely artificially low this time last year. When the debt ceiling was raised the amount of the national debt was raised to actual levels.

This is exactly correct. This is why the treasury should not be able to play "games" with the debt limit when the debt limit is reached. This will make it so congress can either decide to raise the limit by a certain day or they can not do so. With the current setup there is really only an estimated date when the limit is reached as the treasury can manipulate things to delay defaulting on the federal government's obligations.

[jcoin200]

Is this any surprise?  Everything single thing that 0bama can spend money on, he will overspend.  Any time he can he is requesting more millions or billions from congress

[Miracal]

The current government policies implemented for the economic growth rate will never reduce the debt, even as a percentage of GDP. And they need to contain a lot of spending such as military budget, federal spending etc. Otherwise one day the USD will crash.

[Robert Paulson]

once interest rates rise its game over, the debt will become unserviceable.

[spazzdla]

USD is doomed and BTC Asian currencies are headed to success, basic math.

fixed

This sounds a lot more logical... The BRICS are not pleased with us.

[glendall]

There is no escape from the collapse of the USD, it's just a matter of when.  Basic math shows this.  You can only print so many trillions of an unpacked currency controlled by a private corporation before people start to wonder if it's a good idea to save any money at all when you lose at least 5% a year just in inflation.

It's musical chairs right now. The debt is shuffled around. So called 'first world' countries are going bankrupt. The deficits can not be paid.  All the money from the middle class has slowly trickled into the pockets of the couple hundred families on top.

I don't know when the collapse will come but it will come.  Hopefully it'll be more a slow change over to cryptocurrencies or actual assets instead of an overnight collapse caused by the legal gambling by the banking conglomerates like in 2008.

"Hmmm... how do we get out of this massive debt?"
"I know, let's print more money!"
This strategy is not effective. Where does the buck stop?

[Mccoy818]

There should be a term for a debt that big. How come US accumulated that big of a debt?

[fairglu]

[abrahamlitcoin]

There should be a term for a debt that big. How come US accumulated that big of a debt?

Because they meddle with everything and meddling with everything uses money. Thats why.

[EternalWingsofGod]

Was foreseeable, wasn't it? It's gradually approaching the bubble's burst

Yep although I did see an interesting video the other day that might either get some people foaming in the mouth
Or get some people to say lets just keep printing more money guys
How the Economy works by Ray Dalio
https://www.youtube.com/watch?v=PHe0bXAIuk0

[worle1bm]

Question: What are all of you going to do when the dollar doesn't collapse? Some of you need to give me a date when it will collapse so you can admit you were wrong the entire time.